" /> Ekonomická univerzita v Bratislave

Ročník 45, 2016

Economic Review, Ekonomické rozhľady, 2016 abstracts/abstrakty, volume/ročník 45, 4/2016, ISSN 0323-262X, EV 4393/11, Issue4/ Číslo4




Ján Lisý  RENESANCIA EKONÓMIE STRANY DOPYTU 70 ROKOV PO SMRTI J. M. KEYNESA? Renaissance of the demand-oriented economics seventy years after J. M. Keynes’ death?)


Abstract: In the year 2016 seventy years passed from the death of J. M. Keynes and eighty years since the publication of his most important work “The General Theory of Employment, Interest and Money”. Immediately after its publication, this work raised numerous disputes and discussions, which have continued to date. It was aperiod in which two mainstreams of economics known as the neo-classical synthesis overlapped. Despite polemical a and critical opinions of Keynes’ teaching, he can be considered to be the most significant and most frequently cited twentieth century economist. Even today, it appears that Keynes’ theory is the subject of further development, improvement andupdating to contemporary conditions and problems of a globalising world economy.

Keywords: effective demand, savings, investments, macroeconomic equilibrium

JEL Classification: P 16, D 46


str./pp. 405-419




Ľuboš Pavelka – Peter Krchnák – Sergey Aslanyan INFLUENCE OF THE FINANCIAL AND ECONOMIC CRISIS ON THE DEVELOPMENT OF MACROECONOMIC PARAMETERS OF ECONOMIES IN THE CZECH REPUBLIC, SLOVAKIA AND AUSTRIA SINCE 2008 TILL 2015 (Vplyv finančnej a hospodárskej krízy na rozvoj makroekonomických parametrov v ekonomike Českej republiky, Slovenska a Rakúska od r. 2008 do r. 2015)


Abstract: A mortgage crisis that later hit the real economy, erupted in the United States in 2007. With a two-year delay, the crisis came to the EU as a result of the interconnectedness of the European Union’s and USA’s economies. Economies of the EU member states experienced a severe recession in 2009 and the effects of the said crisis are still visible today. The consequences manifest themselves in far lower GDP average growth rates, very low inflation rates (even deflation in Slovakia), stagnating consumption and higher sovereign debt. This paper focuses on the comparative analysis of selected macroeconomic parameters of three neighbouring countries: the Czech Republic, the Slovak Republic and Austria. Macroeconomic indicators analyzed and compared in this paper are the GDP elements, i.e. capital creation, consumption of government, consumptions of households, and exports/imports. Further, this article compares the GDP as a whole, inflation, unemployment, and the government debt.

Keywords: GDP, debt, crisis, inflation, unemployment

JEL Classification: E 00, E 01



str./pp. 420-439




Július Alexy EKONOMIKA ZMIEN AINOVÁCIE VPROCESE TVORBY HODNOTY A KONKURENCIESCHOPNOSTI (Economy of Change and Innovations in the Value Creation Process and in Competitiveness)


Abstract: The paper focuses on new indicators of the economic growth and the competitiveness of the Slovak economy in the markets of EU and the third countries. Introduction of new capital assets and increase in the quality of the labour force are important determinants. Consequently, the creation of supportive conditions for the development of firms’ innovations and the rise of the significance of human factor within the production process are key factors of the growth and competitiveness of the economy.

Keywords: innovative development, creativity, modelling of education, science and innovation process

JEL Classification: O 30


str./pp. 439-462




Ukrajinskí prisťahovalci na portugalskom trhu práce)


Abstract: The paper deals with the investigation of the peculiarities of labour migration to Portugal and the analysis of the place and role of Ukrainian migrants in the Portuguese labour market. The reasons for the Ukrainians’ migration to Portugal, fields of migrants’ work and migration character are also considered. Since the end of the 90th, migrants from Eastern Europe (especially from Ukraine) have become one of the three largest foreign communities in the country, together with Cape Verdeans and Brazilians. Besides, the paper presents the results of the survey of the Ukrainian immigrants’ questionnaires (persons of different age and sex) in the region of Algarve, Portugal, in spring 2015. The research is based on the qualitative data and the conclusions on specific features of labour migration from Ukraine obtained by the authors.

Keywords: migration policy, labour migration, Ukrainians’ migration, Portuguese labour market, immigration

JEL Classification: F 22, J 40, J 6



str./pp. 463-477




(Klastrová analýza v štúdiu migrácie)


Abstract: The article covers the application of cluster analysis methods in the study of external population movements in the Khmelnytskyi region, which allowed to reveal the features of migration processes in the region’s districts and group them by similar characteristics. Cluster analysis is a method of multivariate statistical analysis, which includes data collection containing information about the sample objects, and organizes them into relatively homogeneous and similar groups. Migration process is akind of demographic and demo-economic “investment” in recipient regions and, conversely, it causes ageing and deterioration of labour resource capacity in donor regions. Thus, information about the migratory clusters should help regional managers carry out immigration policy. Therefore, the application of cluster analysis in the study on management of migration is a relevant investigation today.

Keywords: migration, external displacement, cluster analysis, territory, region, Euclidean distance

JEL Classification: C 50, C 82, J 61, R 10, F 22


str./pp. 478-491




(Theoretical Concept of the Balance-of-Payments Constrained Growth Model )


Abstract: The balance of payments can act as a constraint on the output growth rate, since it puts a limit on the growth of demand. The aim of this paper is to clarify the Post-Keynesian approach to the Balance-of-Payments-constrained growth by so-called Thirlwall Law. According to Thirlwall’s Law, the balance of payments equilibrium growth rate of an economy can be determined by the ratio of the income elasticities of the demand for exports and imports and the growth of foreign demand. The theoretical concept of Balance-of-Payments-constrained growth model is analyzed. Finally, its different modifications, especially multi-sector version as an alternative approach that considers the structure of the economy are described.

Keywords: Balance-of-Payments-constrained growth, Thirlwall’s Law, sectoral structure

JEL Classification: E 12, F 43


str./pp. 492-507




(Construction of Optimal Portfolio with Determined Constant Yield)


Abstract: The practical application of the portfolio theory model apparatus depends, apart from mathematical and statistical tools as in particular linear algebra, correlation analysis and probability theory, also on the availability of tools for effective solution to specific tasks related to the selection of portfolio. This instrument can be for instance an appropriately selected software. Mathematically, these tasks are mainly of convex quadratic programming, which can be solved algebraically or numerically. In this paper, we use the R language in the implementation process of algebraic solution to the problem of optimal portfolio construction.

Keywords: portfolio theory, expected return, variance of portfolio, diversification

JEL Classification: G 11, C 61


str./pp. 508-516 










Economic Review, Ekonomické rozhľady, 2016 abstracts/abstrakty, volume/ročník 45, 3/2016, ISSN 0323-262X, EV 4393/11, Issue3/ Číslo3




(Investičné stratégie zamerané na optimalizáciu dlhopisového portfólia)


Abstract: The debt crisis in Europe has contributed not only to the growth in risk when investing on the bond markets but also to the change of opinions on government bonds as a riskfree investment. The failure of some Eurozone countries to pay off the government bonds has nearly led to ban-kruptcy of some financial institutions and to their bail out by the state. Today, the asset mana-gers mainly from financial institutions bear the responsibility for the effective business of the institution. Their effort is to model bond portfolios with the aim to bring the best effect also for the clients and at the same time to lower the risk. When constructing portfolios, these asset managers use various strategies, which were applied also in the past. The aim of this working paper is to characterize individual strategies and describe some of them in more details by using relevant methodological tools.



Keywords: bonds, risks, portfolio management, bonds portfolio strategies, passive strategies, active strategies.


JEL Classification: G 11 G 12

str./pp. 277-294





(Digitálna ekonomika: nová paradigma globálnej informačnej spoločnosti)


Abstract: The fast global implementation of information and communication technologies has dramatically affected the notions about effectiveness and efficiency of economic models. The informa-tion on digital economy is often referred to in the economic literature and official strategic documents as a most desirable way of further national and even global development. A number of authors have published works dealing with the digital (information) economy in terms of vari-ous aspects of this term over the preceding decade. In this article, we introduced the classification of concepts regarding the notion of digital economy and divided them into the four main groups of approach: macroeconomic, structural, management and technological approaches. As a result, we clarified the concept of information (digital) economy by defining it as a paradigm of the global information society based on using technological platforms on the Internet, mobile or other electronic devices and generating a set of financial and economic relations in the system of production, distribution, exchange and consumption of goods and services in glo-bal markets. We analyzed the world ecommerce market because its economic activity has showed high growth rates in recent years owing to the application of innovative tools of infor-mation economy. The analysis shows that the rapid development of ecommerce in Europe has laid a basis for the strong growth in other sectors of the economy, including markets of express delivery and e-payment services. It was also proven that advanced financial infrastructure of the country contributes to the development of the information society and digital economy.


Keywords: digital economy, ICT infrastructure, macroeconomic approach, information economy, e-commerce, payment instrument, currier, express, parcel (CEP) market, credit, and debit cards, eWallets


JEL Classification: F 39, F 21, F 30 

str./pp. 295-311





(Politické dôsledky utečeneckej krízy – prípad Nemecka)


Abstract: The unprecedented magnitude of the ongoing refugee crisis has the potential to change the dynamics of German politics dramatically and permanently. It will dominate the political discour-se for many years to come and may cause considerable changes in electoral preferences. The long cherished stability of the German party system is endangered. While the government is facing a massive decline in its approval ratings, the rightwing populist Alternative for Germany is gaining ground in federal politics. Angela Merkel has long been considered as a su-ccessful but uninspiring leader. In the wake of the refugee crisis, she has eventually come out with a vision and offered leadership. However, in her struggle for more European solidarity, she has been abandoned by her partners in the EU and has to deal with increasingly disillusi-oned members of her own party. This article is an attempt to answer two key questions with regard to the current situation in German politics. Can the refugee crisis spell the end of the Merkel era? And can the AfD (Alternative for Germany) achieve a longlasting re-arrangement of the German party system, bringing the era of political moderation and ideological conver-gence to an end? The answers are formulated within the broader context of Germany’s domestic policy dynamics and reflecting the changing role of Germany in international and European politics.


Keywords: : Germany, refugee crisis, Angela Merkel, Alternative for Germany (AfD)


JEL Classification: F 22

str./pp. 312-330





(Analysis of Fiscal Policy Sustainability of Selected Countries Based on Dynamic Model-ling)


Abstract:Each country entering a monetary union automatically gives up one of key macroeconomic tools –monetary policy. Hence, the second tool which is fiscal policy is rising in influence and significance. In the theoretical part of this paper, we discuss basic principles of fiscal stance, its tools and possible consequences of its use. The emphasis is placed on the derivation of theoretical relationships using Wickens’s approach, which is based on general dynamic equilibrium in the economy and its application on the evaluation of sustainability of fiscal stance. The data needed for constructing the model are: inflation, GDP, and debt to GDP ratio. In this article, we used data prediction of the IMF for the period of 2015–2020 for the formulation of hypotesis for sustainability of fiscal stance. The countries explored were the USA, Russia, the European Union, and separate economies of France, Germany and Great Britain.


Keywords: : fiscal stance, inflation, GDP, debt, deficit, suistainability offiscal stance, prediction of develop-ment


JEL Classification: E 620

str./pp. 331-349





(Metaekonómia: Prístup k analýze a porovnávaniu paralelných ekonómií)


Abstract: There are two parallel Economics in economic science as a whole. The first one is seeking to introduce oneself as Economics (Economics I), directly questioning of the economy in objective reality. The other one openly declared oneself as Economics (Economics II), investigating the object that is Economics I as one but virtual too, mastered by subjects upon the economy in objective reality. There is, however, a third approach too, which is seeking to analyse all these three/four objects integrative as a complex object (vicarious method of study). This analysing approach mentioned before is Metaeconomics. In this way, the doubleunique, mutually intertwined objects of Metaeconomics may be the Economy as existing in objective reality and together with the Economics as the subjective product created above the former. The Economy in objective reality3 is an organismic modus vivendi of human society. Unfortunately, that entity is unobservable in contrast to social insects as e.g. honey bees, termites, ants, paper wasps, and so on. The common feature of human and insects societies is a similar modus for creating con-tainers for materials, energies, information (knowledge), skills, spaces, etc. not only in bodies structure (network) of society members but communal too, that is, extracorporeal ones. For these doubleunique scientific purposes and/or subjects, the Metaeconomics creates creating ontological, epistemological and methodological foundations. In this paper, from the aspect of ontological ideas about qualitative aspects of objective economic reality and applies advanced methods based on mathematics and mainly on computational intelligence assisted virtual expe-rimentations. To avoid any misunderstanding, the author emphasises that the paper is not based on economic data from objective economic reality. The majority of theories, models and concepts mentioned in the paper are well-known among economists; several of them are part of textbooks, so the author decided to omit direct citations.the author seeks to use nonconventional approaches in Economics, namely


Keywords: : Agent-based computational economics, Agent-oriented programming, Artificial Neural Network, Behavioural uncertainty, Complex adaptive systems, Computational experimentations, Economies as Artificial (Computational) Worlds, Economics, Economy, Learning, Metaeconomics, Emergent hierarchical organizations, Endogenous interactions, Decentralized market processes, Financial Modelling, Institutions, Mainstream Economics, Ontological and methodical mistakes, Parallel Economics and Economies, Political Economy, Strategic rivalry, Virtual laboratories


JEL Classification: B 4, C 6, C 53, C 62, C 69, C 7, C 90, D 4, D 5, D 58, D 6, D 8, G 12, L 1

str./pp. 350-369





(Vzdelávanie ako faktor sociálnej mobility a profesijnej mobility)


Abstract: The present paper examines the importance of education as the factor that determines one’s job mobility and social mobility. Basic concepts (social mobility and job mobility) are explained in the first chapter. The second chapter describes methods of research and results acquired by means of research data analysis. The research sample consisted from 267 respondents; the data were collected by means of the questionnaire method and the method of interview. Family background and inclusion of parents in a particular societal stratum was considered as the basic and essential startingpoint of developing and shaping the attitudes of children to work, as well as influencing their choice of formal education activities. This assumption was corroborated also by the correlation dependence of job position and respondents’ completed education, and their parents’ education. The examination of the compliance between respondents’ completed education and their first job position indicates the differences between the graduates from secondary schools and those from higher education institutions. Another aspect of the research is the analysis of respondents’ further professional education with regard to completed education before the commencement of the first employment. In the conclusion, there are summarised results and findings related to the relationship between job mobility and social mobility.


Keywords: : : education, family background, unemployment of graduates, job mobility, social mobility, social status, Slovak Republic


JEL Classification: J 62, J 24

str./pp. 370-381





(Zvláštnosti rozvoja spoločensky zodpovedného investovania v európskych krajinách a na Ukrajine z pohľadu jej integrácie do Európskej únie)


Abstract:Economic, environmental, social and other problems, covering the world as a whole are exacerbating more and more in recent times. The global problems of the modern world are associated with environmental pollution, climate change, military conflicts, epidemics, social inequality, etc. The existence of these problems and the need for their solutions have an impact on the policy of the countries, the activity of enterprises, as well as the economic and social development. Society is gradually coming to realize the need for responsibility in the environ-ment, for the creation of required conditions for sustainable development of the world. Under the circumstances, financial mechanisms providing sustainable economic development, social integration, and economic interests are urgently required. Socially responsible investing is one of these mechanisms, which appeared as an independent branch of the investment activity in the second part of the twentieth century. This article described the particularities of socially responsible investing (SRI); investment projects selection that takes into accounts the social responsibility principles; analysis of SRI growth rate change for the period between the years 2009 –2013, the analysis of European countries particularities in terms of current investment trends, the research of current state, and development prospects of SRI in Ukraine.


Keywords: : investment, socially responsible investing, corporate social responsibility, sustainable develop-ment, social benefits


JEL Classification: O 35, Q 01, F 21

str./pp. 382-397








Economic Review, Ekonomické rozhľady, 2016 abstracts/abstrakty, volume/ročník 45, 2/2016, ISSN 0323-262X, EV 4393/11, Issue2/ Číslo2




Marián Goga - NOVÉ MOŽNOSTI ANALÝZY EKONOMIKY SR CENOVÝMI MODELMI (New Possibilities for the Analysis of the economy of the Slovak republic price Models)


Abstract: In this paper author draws attention to the analysis of value relations and proportions, especial-ly for the analysis of correlation between cost of production and its components, and the effects of various changes that occur in these parts. The analysis is based on open input-output model W. Leontief and the starting point for the elaboration of the issue of the production and analysis of prices is input-output table of SR for the year 2010.


This paper analyses price changes in the economy of SR according two types of pricing models – pricing model, which is considering the changes in prices due to tax changes in economic SR and pricing model, which is considering the changes in prices in certain sectors and their con-sequences in other sectors of economic SR.


Keywords: Input-output table, price model, change of price production, change of tax, structural coeffi-cients, distribution effect, value-based relationships, the system of national accounts, industry aggregation


JEL Classification: C 67

str./pp. 137-150





Hassan Farazmand – Majid Sheikh Ansari – Mahvash Moradi - WHAT DETERMINES MONEY DEMAND: EVIDENCE FROM MENA (Čo určuje dopyt po peniazoch: dokumentované na príklade krajín MENA)


Abstract: Demand for money plays a major role in macroeconomic analysis, especially in selecting ap-propriate monetary policy actions. Therefore, the permanent need to search for a model of the demand for money, which is to be theoretically coherent, empirically stable and robust is one of the most important issues in macroeconomic policy. In this paper, we investigate the influential factors on money demand among MENA countries during 1980–2013. The results of estima-tion show that inflation as a key determinant has negative and significant effects on money de-mand. Also, exchange rate and income play a negative role and a positive one in explaining the changes in money demand, respectively.


Keywords: Money demand function, inflation, MENA


JEL Classification: C 33, E 31, E41

str./pp. 151-169





Juraj Ondriaš - CHINA – INDIA RELATIONS IN THE NEW MILLENNIUM (Vzťahy medzi Čínou a Indiou v novom tisícročí)


Abstract: The paper describes the relationship between the People’s Republic of China and India, with an emphasis on economic cooperation and political rivalry. Its aim is to identify the main points of cooperation and conflict in their mutual relations. After abrief overview of the history of rela-tions between both powers, the paper will analyze the current status of their relationship. Fol-lowing aperiod of difficult relations during the cold war, there is agrowing trend of cooperation between the two countries. Special attention will be paid to their activity in the BRICS group. The opportunities and obstacles of this relationship, as well as its effect onthe surrounding regi-on and on the developing countries in general, will be ascertained. Another emphasized issue will be the security rivalry between the two powers, as seen from the alleged Chinese “String of Pearls” project and India’s reaction to it. The main methods used in the writing of this paper are historical analysis of the sources and description based on the current state of affairs.


Keywords: : China, India, Sino-Indian Relations, BRICS, String of Pearls, Sino-Indian Bilateral Trade


JEL Classification: F 50, F 51

str./pp. 170-180





Monika Jurkovičová - BEHAVIOURAL ASPECTS AFFECTING THE PURCHASE OF INSURANCE – DIFFERENT BEHAVIOUR OF MEN AND WOMEN (Behaviourálne aspekty ovplyvňujúce nákup poistenia – rozdiely medzi správaním mužov a žien)


Abstract: The reality of insurance markets shows that the incentive to purchase insurance is not based only on risk aversion, the size of potential loss, probability of loss, the price of insurance coverage, and budget restrictions. In fact, individuals are also influenced by cognitive and emo-tional processes and heuristics that result in deviations from rationality. The aim of the paper is to discuss specific examples of behaviour that do not adhere to traditional economic theory models, for example purchase insurance after the occurrence of insured event, excessive opti-mism or a reliance on state aid. The paper shows several factors that affect people when they decide about the purchase of insurance coverage, for instance personal relationship to the ob-ject of insurance, advice from friends and acquaintances, emotional distress, etc. Special atten-tion is paid to distinctions between men and women in this area and evaluation of the gender gap is done with the aid of a questionnaire on a sample of 160 respondents.


Keywords: : behavioural economics, insurance demand, heuristics, demand anomalies


JEL Classification: G 22, D 12

str./pp. 181-196





Štatistické údaje o zamestnanosti absolventov vysokých škôl v Ruskej federácii v roku 2015


Abstract: This paper presents the results of the first monitoring of graduates’ employment from Russian universities conducted in April 2015 by the Ministry of Education and Science in cooperation with the Pension Trust. We considered the goals, objectives, milestones and key performance indicators of the monitoring. The majors of training of graduates with the highest percentage of employment and the highest salary levels have been identified. We paid special attention to the employment indicators in the Volgograd region. The paper deals with the trends in migration geography of graduates and the dynamics of their salaries in 2013 in Russian regions in the context of the major economic institutions.


Keywords: : monitoring of universities effectiveness, graduates’ employment, migration of graduates


JEL Classification: Y 10, J 31, J 61

str./pp. 197-208





Martin Holub - DIFERENCIACE SAZEB DŮCHODOVÉHO POJISTNÉHO PRO RODINY S DĚTMI1 (Differentiation of Social Contribution Rates for Families with Children)


Abstract: Pension systems, as well as other subsystems of state social policy must respond to socio-demographic development of the society, especially the increasing life expectancy, changes in family behaviour and the development of fertility. The current debate on pension reform in the field of expert commission for pension reform also includes innovative approaches that have no basis in economic theory and world practice. The paper analyses one concrete measure propo-sed consisting in differentiating the amount of pension insurance contributions, depending on the number of children raised. It undergoes a thorough analysis of both the microeconomic and macroeconomic points of view and assesses it in the context of current theory pension systems. Based on the analysis, it is concluded that in relation to the objectives which should be fulfilled – support for families with children – the proposed measure is inappropriate, inconsistent and brings only marginal effects for families with children, which does not include all types of fami-ly life. Under the current social policy, there are better measures that would lead to achieving the targets.


Keywords: : old-age pension, social contributions, family support, child pension, social contribution reduction


JEL Classification: H 55, J 26, G 22

str./pp. 209-221





Veronika Piovarčiová – Petra Ščepánová - VÝVOJOVÉ TRENDY KOMPARÁCIE EKONOMICKÝCH SYSTÉMOV (Developmental Trends in the Comparison of Economic Systems)


Abstract: Globalisation and related phenomena, in particular, however, the breakdown of the socialist economic system have fully impacted the traditional concept of economic systems comparison. This, however, does not mean that if socialism as an economic system failed, the only remai-ning economic system should be capitalism. It appears that globalisation does not necessarily lead to the convergence towards auniform organizational model. The structure of global economy is influenced by developmental trajectories of national economies. Arising influence of transnational corporations and the weakening influence of national states pose awide range of challenges connected with the investigation of new tasks of national states via transforming their internal structures, but also with the shift of the national agenda to an international level. The aim of the present paper is to provide a perspective of differing concepts of economic sys-tems and their ensuing characteristic principal features. Their analysis is considered a starting-point for evaluating the effectiveness of economic systems and their capacity of adapting to changes produced by globalisation processes.


Keywords: : comparative economics, economic system, basic features of economic systems


JEL Classification: P 00, P 50

str./pp. 222-242





Saleh Mothana Obadi - REVEALED COMPARATIVE ADVANTAGE AND COMPETITIVENESS IN THE EU-28 AND THE USA (Odhalené komparatívne výhody a konkurencieschopnosť ekonomík EÚ-28 a USA)


Abstract: This paper examines revealed comparative advantage (RCA) in the EU and USA as sectoral comparative analysis between the mentioned trade partners. In the midst of preparations for the potential Transatlantic Trade and Investment Partnership (TTIP), it is necessary to examine the sectoral competitiveness of the EU in relation with its trade partner – the USA. For this aim in our analysis we have used Balassa´s index of RCA. Meanwhile, this approach for our purpose is frequently used in literature although we aware that this index has some empirical drawbacks, but it give us a feature of gross sectoral competiveness of examined country or group of countries. According to our empirical analyses, we found that though the EU-28 have comparative advantages, according to RCA index in the global level, in less groups of commo-dities (32 groups of two digits SITC commodities) than the USA (40 groups of two digits SITC commodities).


Keywords: : comparative advantage, competitiveness, EU, USA


JEL Classification: F 10, F 11, F 14

str./pp. 243-259





Ján Lisý - AKTUÁLNOSŤ SMITHOVHO BOHATSTVA NÁRODOV PO 240 ROKOCH1 (Relevance of Smith’s ‟The Wealth of Nations” after 240 Years)


Abstract: As many as 240 years elapsed since the first publication/edition of Smith’s ‟The Wealth of Na-tions”, which is considered the birth of the economics as an independent science, that is why it is also referred to as the Bible of economics. The book was an immediate great success. Only during the author’s life (by 1790), it was published in five editions in England and also was translated into French and German languages. Smith became a widely recognized authority not only in England but also in the entire Europe. ‟The Wealth of Nations” came out at the beginning of the industrial revolution; it explains and analyses the operation of the manufacture capitalism. Even despite that, the economic, societal, ethical, political, and philosophical prob-lems are highly relevant nowadays, in the era of contemporary civilisation. ‟The Wealth of Nations” is a follow-up to the first significant Smith’s work called ‟The Theory of Moral Emo-tions”. Smith in his work‟The Wealth of Nations” analyses and explains the operation of lais-sez faire capitalism, which he understands as the system of natural freedom. The operation of the natural freedom system is made possible owing to the invisible arm of the market, which embodies the idea of harmony of the individual and societal interests. The condition for the operation of the market invisible arm is the state’s non-interference into the economy. In con-trast to physiocrats and mercantilists, Smith saw the source of the country’s wealth in the sphe-re of material production in general. The principal driving force of economic growth is the divi-sion of labour. The international division of labour increases the wealth of all nations. For this reason, Smith proclaimed the freedom of international trade based on the principle of absolute advantages. He considered labour as astable measure of value. He viewed wages as subsisten-ce minimum. He was aware of the contradictory relationship between wages and profit: Each wage increase decreases the profit. Owing to ‟The Wealth of Nations“ Smith remains agreat authority not only among economists. His teaching was a source of inspiration for representati-ves of all the societal classes.


Keywords: : natural order, theory of value, labour, wages, capital, profit, land, rent, division of labour, ac-cumulation of capital, international trade


JEL Classification: P 16, D 46

str./pp. 260-270










Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 45, 1/2016, ISSN 0323-262X EV 4393/11




Veronika Mitková- the CGE Models Parameters Estimations Techniques (Techniky odhadov parametrov CGE modelov)


Abstract: The paper presents four different techniques of the computable general equilibrium model parameters estimations: calibration, an econometric approach, a maximum entropy approach, and the Bayesian cross-entropy approach. Each method is shortly introduced, and the advantages and disadvantages of each of them are discussed. It is shown that it is possible to work on with the CGE models in situations with scarce or noisy data, which is the case of developing countries.


Keywords: computable general equilibrium model, calibration, econometric estimation


JEL: C 68, C 82

str./pp. 9-18




Katarína Podmajerská - The impact of the global financial crisis on the selected stock markets (Vplyv globálnej finančnej krízy na vybrané trhy cenných papierov)


Abstract: This paper deals with the global financial crisis and stock markets, in particular with the impact of the global financial crisis on the selected stock markets and relation between the global financial crisis and the stock markets. It briefly examines what transformed a significant, but a relatively mild financial disruption into a full-fledged global financial crisis. The global financial crisis was triggered not in stock markets but by bonds, debt not equity securities. The paper investigates how this influence was reflected in the stock markets. This paper works with the selected stock markets (with American, European and Asian stock markets) and selected indices Dow Jones Industrial Average (American stock market), Financial Times Stock Exchange 100 (European stock market) and Nikkei Stock Average (Japan stock market). To determine the extent of the global financial crisis and its impact on the stock markets is used its comparison in time. The paper investigates the development of selected indices over years 2000 – 2015.


Keywords: financial crisis, stock market, DJIA


JEL: E 44, G 01, G19


str./pp. 19-30




Anita Gaile – Erika Šumilo - THE GLOBAL PERSPECTIVE OF EMPLOYMENT RELATIONS DEVELOPMENT: ORGANISATIONAL STRUCTURE AND ENVIRONMENT, INDIVIDUAL BEHAVIOUR, ORGANISATION-INDIVIDUAL RELATIONSHIP AND CAREER ATTITUDES (Globálny pohľad na rozvoj pracovno-právnych vzťahov, organizačná štruktúra a prostredie, správanie jednotlivca, vzťah medzi organizáciou a jednotlivcom a prístupy ku kariére)


Abstract: The organisation of work within organisations and employment relationships are triggered by the changes in the external environment: information technology development, demographics and socio-cultural factors. Organisations are becoming flatter substituting or adding to hierarchical structures matrix, network and virtual work organisation solutions. Each of them requires different competences and attitudes from individuals working for the organisation. Macroeconomic factors demonstrate the economic development as a rather stable process where as unemployment significantly fluctuates along the course, indicating a necessity for individuals to adapt more self-centred, pro-active attitudes when pursuing their professional careers. The conceptual frame for the further research is developed, identifying various individual competences and attitudes required by organisations adopting different work organisational structures.


Keywords: employment, individual – organisational relationship, behaviour, career attitude, organisational environment and structure


JEL: J 00


str./pp. 31-44




František Korček – Vladimír Bolek – Monika Beňová - SECURITY OF INFORMATION ASSETS IN SMALL AND MEDIUM-SIZED ENTERPRISES (Bezpečnosť informačných aktív v malých a stredne veľkých podnikoch)

Abstract: The period of information and communication technology development is associated with increased information security risks. The risks affect information assets of small and medium-sized enterprises, which are vulnerable due to rapid development and the lack of available financial resources. The priority of SME is to improve the security level in ICT, as the price for the loss of confidential data and business secrets is too high, in some cases even existential. Therefore, it is essential to examine and assess the security of information assets as the part of information security risk management in SME. The paper contains results of the research that evaluates the importance of individual information assets in Slovak enterprises and presents the usage of technical and organisational measures protecting the assets.


Keywords: information security, information assets, small and medium-sized enterprises, risk management, security measures


JEL: M 15


str./pp. 45-55




Miroslava Čukanová – Terézia Fúrová - SLOVAK GAZELLES IN TOURISM AS A DRIVER OF INNOVATION (Slovenské gazely v cestovnom ruchu ako hnací faktor inovácie)


Abstract: The aim of this paper is to investigate the occurrence of the high-growth enterprises – gazelles in Slovakia. The main part of the paper is oriented to the gazelles in tourism (based on the statistical classification of economic activities NACE Revision 2), which were selected from the list of gazelles compiled by the Statistical Office of the Slovak Republic. Innovation plays an important role in services, and tourism is no exception. As gazelles belong to the most innovative businesses, part of the research covers also the innovation in these enterprises.


Keywords: gazelles, tourism, innovation, high-growth enterprises, growth trigger points


JEL: L 83, M 13


str./pp. 56-65




Elena Šúbertová - DIFERENCIÁCIA SLOVENSKÉHO DRUŽSTEVNÍCTVA (Differentiation of Slovak Cooperatives)


Abstract: Slovak cooperatives have currently over 250,000 members. The fastest developing are those that provide business services. There is a big difference in growth dynamics: a significant increase is in administrative services, in services supporting research and technology; on the other hand, there is a decrease in numbers in construction and agriculture. All forms of cooperatives in Slovakia have one common problem: “bad name” originating in the past, especially in the years 1948 – 1989. Even though there were numerous transformations, there is still mistrust in starting and/or developing so-called “new cooperative types”. Differences in economic results of cooperatives depend upon their lines of business and activities, as well as their goals and, of course, upon conditions they work in. Because of the lack of financial resources, most young and potentially prospective members and/or employees are leaving cooperatives for jobs with better financial outlook. Employment of young graduates and young people in general is a major problem in Slovakia as a whole, and it is not specific to the cooperative sector.


Keywords: cooperatives, activities, members, employees, business services, differences, economic results


JEL: M 21, J 54


str./pp. 66-77




Slavoj Czesaný - ANALÝZA TRENDŮ, KONTEXTŮ A PERSPEKTIV VÝVOJE ENERGETIKY VE SVĚTĚ A V ČESKÉ REPUBLICE (Analysis of Trends, Contexts and Prospects of the Power Industry Development in the World and in the Czech Republic)


Abstract: This article is a contribution to the deepening of analytical knowledge about the development of the world energy trends and the strengths and weaknesses of development of the energy sector in the Czech Republic. Attention is focused on the following questions: What long-term trends are prevailing in the structure of production, consumption and efficient utilization of energy resources in the world and in the Czech Republic? What are the opportunities for growth versus the risks of development of the power industry in the long term? By analyzing the positions of the Czech Republic in an international comparison, the following weaknesses in the Czech Republic were identified: high energy intensity of the economy, high prices of energy resources, excessive subsidies for renewable energy, and the obsolescence of the production and distribution system. Among the strengths of the power industry, there is: a relatively low import demand, high export of electricity, interconnection of energy networks, and availability of electricity in remote areas. Based on the principle of the necessary diversification of energy sources, the article concludes that the preferable structure of the power industry is such based on a balanced ratio of gas, liquid, solid and renewable sources. The arguments for this priority rest on strengthening the security in energy supply.


Keywords: world energy, analysis of resources, energy outlook, energy policies, production costs


JEL: Q 41, Q 42, Q 43, Q 48


str./pp. 78-97




Anna Tomová – Ivan Haluška - VERNOSTNÉ PROGRAMY NOVEJ GENERÁCIE A ROZVOJ LETECKEJ DOPRAVY (Frequent Flyer Programmes of New Generation and Development of Air Transport)


Abstract: In the paper we analyze frequent flyer programmes of a new generation as an important structural change in the air transportation industry. Using the results of Multiplus and Aimia companies case studies we identify here two types of new generation frequent flyer programmes according to the stages of their maturity and distinguishing attributes. We inform so about the status of the programmes in world air transportation in 2015. Finally, we discuss potential impacts of these programmes on stakeholders in the air transport industry, namely disintegration of air services value creation, generation of demand for air services, psychological moment of captured customer, models of mutual relationship among frequent flyer programmes of new generation and competition of airlines. We also identify the new directions in economic research with regard to frequent flyer programmes in air transport.


Keywords: frequent flyer programmes, air transport, customer relationships, marketing, airline


JEL: L 93, M 30


str./pp. 98-111




Tetiana Gorokhova – Mykhailo Lukash - DETERMINATION OF AN OPTIMAL MARKET SUPPLY CHANNEL BASED ON THE COMPARISON OF MARKET SUPPLY CHANNEL AND CONSUMPTION DYNAMICS (Určovanie optimálnej distribučnej cesty ponuky na trhu založené na porovnaní distribučnej cesty ponuky na trhu a dynamiky spotreby)


Abstract: Globalization affects a company’s access to international markets since it is accompanied with the removal of trade barriers and booming information and communication with the emerging markets such as the Eastern Europe or China in the 20th century. While creating an internationalization strategy, the corporation faces a challenge to select the markets that could best comply with its goals, resources and have sufficiently large market potential. The article focuses on the market supply channels dynamics, which has to be considered when assessing the market capacity, and on the selection of market entry strategy. For that purpose, steel industry has been taken under scrutiny. The paper analyzes consumption, production, export and import data registered in the period spanning from 2004 to 2013 in 101 countries around the world. We group up the countries according to production volumes, export and import growth and make statistical inferences with the domestic dynamics of consumption. The results suggest the link between the market supply channel growth and its share in consumption volume to be present and significant. The paper provides recommendations for sustainability strategies of both individual companies and global steel industry.


Keywords: market gap, steel market, market supply channels, capacity, dynamics, international markets; corporate responsibility


JEL: M 210, F 170, L 110


str./pp. 112-122




Marcel Čas - THE CLASSICAL DICHOTOMY (Klasická dichotómia)


Abstract: The classical dichotomy is the thesis that the real economy can be effectively studied independently of the monetary economy. It says that the knowledge of technical details of the monetary economy as e.g. of the money markets, the stock market, and the interbank payment system is not needed if one wants to build a theory of the real economy. The aim of this paper is to critically asses the arguments that try to prove that the classical dichotomy holds. The paper summarizes models that show that money is neutral towards the real economy and therefore implies that money can be excluded from the analysis. Ultimately, the paper asks if it is really the case that monetary phenomena can be reduced to real phenomena.


Keywords: classical dichotomy, monetary neutrality, economic theory, real and monetary phenomena, reductionism


JEL: E 40, B 41


str./pp. 123-131